Will It Break $4,723 or Crash Back?

 Key Insights:

• ETH faces resistance at $4,723; a move below may trigger a drop toward $4,000.
• BlackRock leads Ethereum ETF inflows with $437.5M, driving total daily inflows to $420.9M.
• Support between $4,250–$4,300 holds strong bids, keeping short-term reversal hopes alive.

Ethereum (ETH) was trading near $4,490.83, with recent movement showing signs of a possible wave (B) bounce, based on short-term market structure. Charts tracking the 1-hour timeframe show that wave (A) may have completed, and price is now testing higher levels.

The area between $4,557 and $4,723 is seen as a major resistance zone. These levels are based on standard Fibonacci retracements from the previous drop. As long as ETH trades below $4,723, a deeper move lower remains likely. Price reaction within this zone will likely decide the next direction.

Support Levels Could Prevent Further Drop

If ETH fails to move above the current resistance, traders expect the next leg down to begin. Support is found in the $4,357 to $4,002 range. These levels are calculated using Fibonacci extensions of the previous move. The zone between $4,250 and $4,300 is drawing attention due to strong buying interest.

Market watcher Ted posted,

 “It’s now approaching the $4,250-$4,300 support zone, which has strong bids on Binance.” 

He added,

 “If this level holds, Ethereum will start the reversal. Otherwise, expect a drop towards $4,000.”

BlackRock Drives ETF Inflows

On 07 October 2025, Ethereum-linked ETFs saw a combined net inflow of $420.9 million, based on data from multiple issuers. BlackRock led the activity with a $437.5 million inflow into its ETHA product. This was the largest individual inflow across the group.

Other ETFs recorded small outflows, such as Fidelity’s FETH at -25.7 million, but these were minor compared to BlackRock’s position. The net flow for the day marked a sharp shift from late September, which saw several days of selling across products.

Price and Volume Overview

ETH was priced at $4,490.83, with a 24-hour drop of 4.1%. Over the last 7 days, the price has increased by 4.1%. The trading volume for the past 24 hours is $51.5 billion, showing strong activity across major platforms.

The current setup places ETH near a critical resistance point. If the price stays below $4,723, another move lower is possible. Traders are watching both ETF flows and technical levels to gauge what comes next.